Solana Bearish Forecast: Analyst Warns Of Potential Price Drop

A widely followed crypto analyst and trader is sounding the alarm on a Solana (SOL)- -based meme coin, suggesting it could suffer a massive price collapse. The analyst, Bluntz, on social media platform X, tells his 260,700 followers that dogfight (WIF) may lose around 70% of its current value.

Source: Bluntz/X

Bluntz practices a technical analysis approach called Elliott Wave theory. This theory attempts to forecast future price movements by identifying recurring crowd psychology patterns manifesting as waves. According to Elliott Wave theory, after an asset experiences a five-wave upward rally, it typically undergoes an ABC corrective downward move.

Bluntz shares a chart indicating that WIF has already completed its five-wave surge. He believes the meme coin may be poised for its final downward C-wave leg. “Little WIF update…. the plan hasn’t changed….. [Wave] B just took longer than initially thought,” Bluntz states.

As of this writing, WIF is trading at $3.44, representing a staggering 3,854% increase from its January low of $0.087.

Source: CoinMarketCap

Solana Faces Bearish Outlook

Turning his analysis to Solana, the fourth-largest cryptocurrency by market capitalization, Bluntz holds a bearish view. He argues that Solana’s major price rebound last month occurred in three waves instead of the typical five-wave pattern. This three-wave bounce suggests to Bluntz that SOL has already started a new downtrend.

Source: Bluntz/X

The analyst shares a chart proposing that SOL may experience one more upward bounce close to $180 before continuing its decline and falling below the $140 level. “Not looking good, bruv; not only was the bounce from the $118 lows only in three waves, but now the decline on the four-hour is in five waves too. I suspect we chop here and then do a C wave up to around $178-$180, which should be enough to get everyone all bulled up again,” Bluntz warns.

With his Elliott Wave analysis, Bluntz cautions that the meme coin WIF and the major cryptocurrency SOL could soon experience significant price drops. Solana is trading at $167 at the time of writing.

Source: CoinMarketCap

Furthermore, the author’s views are for reference only and shall not constitute investment advice. Before purchasing, please ensure you fully understand and assess the products and associated risks.